Tax Governance Policy
Introduction
The Group recognizes the importance of building a strong governance culture to navigate the complexities of tax compliance and risk management.
The Group has established a tax governance framework to manage tax risks and ensure effective tax compliance, as detailed in the Tax Governance Policy outlined below.
Compliance with Tax Laws
We are dedicated to meeting our tax obligations and acting as a responsible taxpayer by complying with tax laws and regulations. This includes ensuring timely and accurate tax return filings, prompt payment of taxes due, and adherence to applicable tax rules.
When tax laws are unclear or open to interpretation, we seek advice from professional tax advisors to ensure alignment with the intent of tax laws.
Business decisions and activities are based on commercial and economic substance, and significant decisions are supported with a tax risk assessment. A prudent approach is generally adopted for tax matters.
Governance Structure for Managing Tax Risks
Tax matters are managed by the Singapore finance team with overall responsibility held by the local finance director, who will report any significant tax issues to Senior Management and Board, where appropriate.
The Bidcorp Group’s finance team (“Group Finance”) along with the Bidcorp Group Audit and Risk Committee (“GARC”) provide an oversight role and quarterly presentations are made to Group Finance and GARC to highlight significant tax matters.
Tax matters are documented to aid in the identification, assessment, and mitigation of tax risks. Tax risk items in the risk register are reviewed periodically to assess the effectiveness of tax controls and processes.
Professional tax advisors will be engaged as necessary to assist with tax matters involving a certain degree of complexity or uncertainty.
Tax policies and procedures are subject to periodic reviews and will be updated to ensure alignment with changes to business processes and tax legislation.
Relationship with Tax Authorities
We are committed to maintain an open, transparent and collaborative relationship with tax authorities to minimize tax uncertainty.
We have voluntarily participated in IRAS’ Goods and Services Tax Assisted Compliance Assurance Programme (“ACAP”) and was granted the ACAP Premium status.
When responding to queries raised by tax authorities, we strive to provide timely, accurate and complete disclosure of information. Where necessary, we will consult with professional tax advisors.
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